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People's Daily Online>>China Business

Stimulating growth highest priority

By Chen Yang (Global Times)

10:58, December 02, 2011

The global economy is now facing a crisis worse than that in 2008, and stimulating growth should be a priority for policymakers in China and the rest of the world, Chinese Vice Finance Minister Zhu Guangyao said on Thursday.

"The current crisis, to some extent, is more serious and challenging than the global financial crisis following the fall of Lehman Brothers in 2008," Zhu said at a forum held by the China Chamber of International Commerce in Beijing.

"At that time, world leaders implemented massive fiscal stimulus and monetary measures so the crisis was largely contained and economic recovery was achieved in a relatively short time."

"But now some countries are facing difficult fiscal situations, some economies are contracting, and there is limited room for further monetary policy adjustment," the vice minister noted.

The global recovery may halt as developed economies face risks of recession, so stimulating growth is now the world's top economic priority, Zhu said.

Zhu's comments are the latest in a series of grim warnings from China's top officials over the prospect of the world economy.

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